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Updated over 6 years ago on . presented by

User Stats

52
Posts
32
Votes
Caleb Richardson
  • Realtor
  • Austin, TX
32
Votes |
52
Posts

Attempting to discover lawsuit settlement to determine motivation

Caleb Richardson
  • Realtor
  • Austin, TX
Posted

I’m gonna stick to bullet points here, otherwise I might get a little long winded...

-roughly 1,000 acre parcel for sale

-Land held under an LP/LTD (multiple parcels for sale together)

-owners took out large development loan pre-recession and defaulted once market collapsed

-small banks bought up loans, those banks failed and got bought up by bigger banks.

-banks sued each other for breach of contract over tweaking the mortgages without the others consent.

-land is up for sale, still registered to same LP/LTD

....so my questions are, does the bank own that LP or LTD? Wouldn’t they put it in the banks name before selling it? Trying to determine if the bank owns it or if the original owners are still involved. How does defaulting on a 30+ million loan work?

How would I go about hunting down the decision/settlement between those banks? I found some info about which district the case would be held, but couldn’t find any docs online about the case itself or the final settlement. Could the courts be forcing the owners to sell to pay back the loan?

Thanks in advance, I know I’m probably way off base on some of these questions/statements, so correct me/educate me wherever you see fit, if you can find the time. I appreciate it!